Farmers Insurance lay off will affect 11% of workforce. CEO says 'decisive actions' needed

Farmers Insurance is cutting approximately 11% of its workforce and pulling out of Florida and limiting insurers in California in order to create a more efficient organization and work towards profitability.

usatoday.com

Relevant topic timeline:

8/18/2023

A looming insurance shock spells trouble for housing markets in Florida and California

Home insurers are increasingly pulling out of California and Florida due to rising construction costs, growing catastrophe exposure, a challenging reinsurance market, and insurance companies facing higher costs from extreme events, leading to concerns over homeowners insurance availability and costs and potentially impacting housing markets in both states.

8/28/2023

Farmers Insurance lays off 2,400 workers as insurers pull back from California

Farmers Insurance is laying off 2,400 workers, or 11% of its workforce, in an effort to reduce costs and focus on long-term profitability amidst challenging conditions in the insurance industry.